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<td height="45" width="24">&nbsp;</td><td class="under" valign="middle" align="left" colspan="2"><span class="textcolor style1"><strong>Historical Statistics of the United States</strong></span></td><td>&nbsp;</td>
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<td valign="top" rowspan="2"></td><td height="28" valign="middle" align="left" width="906"><span class="sans"><strong>Contributor:  </strong>Christopher Hanes</span></td><td valign="top" rowspan="2" width="29"></td>
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<span class="sans"><strong>Table Cc125-137&nbsp;&ndash;&nbsp;
	Wholesale price indexes for historical comparisons, by commodity group: 1860&ndash;1990<strong><font style="font-size:13px"><a style="color:#990066" href="#fn_1"><sup>1</sup></a></font></strong> [Hanes]
	
	
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<td valign="top" width="25">&nbsp;</td><td class="topline" valign="middle" height="40"><strong class="sans">Footnotes</strong></td><td valign="top" width="25">&nbsp;</td>
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<a name="fn_1"></a><td valign="top" align="right">1.</td><td style="padding-left:10px">
			
<div align="left">The basis of the indexes changes over time.  See the following documentation.</div>
		
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<td valign="top" width="25">&nbsp;</td><td class="topline" valign="middle" height="40"><strong class="sans">Sources</strong></td><td valign="top" width="25">&nbsp;</td>
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<p>
				
		
<div align="left">Christopher Hanes, &ldquo;Consistent Wholesale Price Series for the United States, 1860&ndash;1990,&rdquo; in Trevor J. O. Dick, editor, <i>Business Cycles since 1820: New International Perspectives from Historical Evidence</i> (Edward Elgar, 1998), p. 205.</div>
	
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<td valign="top" width="25">&nbsp;</td><td class="topline" valign="middle" height="42"><strong class="sans">Documentation</strong></td><td valign="top" width="25">&nbsp;</td>
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<td valign="top" width="25">&nbsp;</td><td class="Pincrease" valign="top">
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<div align="left">The basis of the indexes changes over time: for 1860&ndash;1941, index 1890&ndash;1914 = 100; for 1947&ndash;1990, index 1947&ndash;1990 = 100.</div>
		
<div style="text-indent:20px;text-align:left">These series present Warren and Pearson indexes for 1860&ndash;1890 alongside series for 1890&ndash;1941 and 1947&ndash;1990 that were constructed so as to resemble the Warren and Pearson indexes in aggregation methods and the set of products comprised in the indexes.  They may be suitable for comparisons of price behavior between different historical periods, especially between periods before the First World War and later periods, and comparisons of movements at relatively high frequencies (for example, year-to-year movements during business cycles).  Standard U.S. Bureau of Labor Statistics (BLS) wholesale and producer price indexes like those presented in Table Cc66&ndash;83 may be less suitable for such comparisons because of differences between periods in aggregation methods and the types of goods comprised in the series.</div>
		
<div style="text-indent:20px;text-align:left">To construct the series for 1890&ndash;1941 and 1947&ndash;1990, Hanes matched each good in the Warren and Pearson series as of 1890 to a BLS price index for the same good, a similar good, or a similar class of goods over years from 1890 through 1941, and from 1947 through 1990.  The train of BLS price indexes corresponding to a Warren and Pearson good was linked, converted to price relatives on successive bases &ndash; 1890&ndash;1914, 1914&ndash;1928, 1928&ndash;1941, and 1947&ndash;1990 &ndash; and arithmetically averaged into commodity group indexes using Warren and Pearson's weights for the year 1889 (George F. Warren and Frank A. Pearson, &ldquo;Wholesale Prices for 213 Years, 1720 to 1932,&rdquo; Cornell University Agricultural Experiment Station Memoir number 142, November 1932, p. 121, presented in Warren and Pearson, <i>Prices</i> (Wiley, 1933)).  (Within each base period, some of Warren and Pearson's component goods could not be matched.  The weight for those goods was allocated to the other goods in the group.) An exception to this process was the &ldquo;farm products&rdquo; group index, for which Hanes used the standard BLS commodity group series (series Cc68) because the nature of this particular BLS group remained fairly stable across historical periods.</div>
		
<div style="text-indent:20px;text-align:left">Group indexes were aggregated into two comprehensive indexes: one for all commodities and one for all commodities other than farm products, using Warren and Pearson's group weights for 1889.  Finally, commodity group and comprehensive indexes on the succession of bases from 1890 through 1941 were spliced to each other and to the corresponding Warren and Pearson indexes (series Cc114&ndash;124).  The 1890&ndash;1941 &ldquo;all commodities&rdquo; series was linked to Warren and Pearson's &ldquo;all commodities index with constant group weights&rdquo; (Warren and Pearson, p. 69).  The 1890&ndash;1941 &ldquo;all commodities other than farm products&rdquo; was linked to an index constructed from Warren and Pearson's commodity group indexes, excluding the farm products commodity group.  The resulting series for 1860&ndash;1941 were rebased to the average value over 1890&ndash;1914.  The indexes for 1947&ndash;1990 were left on the average 1947&ndash;1990 base.</div>
	
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<td valign="top" width="25">&nbsp;</td><td class="topline" valign="middle" height="42"><strong class="sans">Citation</strong></td><td valign="top" width="25">&nbsp;</td>
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<div class="sans" align="left">Hanes, Christopher , &ldquo;
	Wholesale price indexes for historical comparisons, by commodity group: 1860&ndash;1990 [Hanes]
	
	
	.&rdquo;&nbsp;Table Cc125-137 in <i>Historical Statistics of the United States, Earliest Times to the Present: Millennial Edition,</i> edited by Susan B. Carter, Scott Sigmund Gartner, Michael R. Haines, Alan L. Olmstead, Richard Sutch, and Gavin Wright. New York: Cambridge University Press, 2006. http://dx.doi.org/10.1017/ISBN-9780511132971.Cc66-20410.1017/ISBN-9780511132971.Cc66-204</div>
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<td valign="top" height="30" width="24">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td class="topline" valign="middle" align="center" width="100%"><span class="sans"><font color="#000000">Copyright 2006 - Cambridge University Press, All Rights Reserved.</font></span></td><td valign="top" width="24">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
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